Steps to Get Your Business Sale Ready and Maximise Value

By Prime Advisory, 17 February 2024

The decision to sell a business is immense.

And with any major decision, the best prep draws the best results.

To make sure your prized asset is genuinely sale ready, we firmly believe that you need to start planning a minimum of three years in advance.

A proactive approach helps to make your business Sale Ready more attractive to prospective buyers.

How is this so?

Well, identifying if there are any improvements you could make to strengthen your business puts you in a prime spot to maximise the asking price, when the time comes.

Start by answering these questions:

Are there ways that you can reduce business costs and enhance your profit position?
Do you have structured business, marketing, and succession plans in place?
Are your relationships with suppliers, contractors, and/or other stakeholders entrenched enough that a prospective buyer could easily take over the reins?

There are plenty of other questions to ponder, but that’s only part of the story.

Superannuation implications are another key reason why early planning pays.

If you’re a small business owner with one eye on retirement, this is particularly pertinent.

Various factors might influence the timing of your sale—such as the 15-year and retirement exemptions—as they could make a considerable difference to your nest egg balance.

But, once again, early planning is essential to making the most of these opportunities.

So, when should you prepare your business to be sale ready?

It starts now.